3 Common Problems Every Finance Team Faces and How You Can Solve Them: Part 2

How well do you understand the typical challenges of your Finance team? In our previous article, we discussed 3 of the most common problems that every Finance team faces at one point or another. If you missed it, make sure you go back and check it out now. Today, we’re giving you 3 MORE of the most common problems a Finance team may be facing, as well as what you can do to solve them so you can build better efficiency into your business and achieve your goals.

Problem No. 4: Multiple systems that don’t communicate with each other

To streamline your business and bring true efficiency to your financial reporting and forecasting, you need an automated data collection and analysis system where each piece of software communicates effortlessly with the next to provide you with the figures you need when you need them.

If your Finance team is still collecting and analysing your business data manually, you need to review your existing setup to determine how you can implement more automation and enable your team to work with greater speed each day.

Problem No. 5: Limited resources

Sometimes, the biggest problem that your Finance team can face is a complete shortage of the resources that they need to be able to carry out their tasks and responsibilities. This lack of resources can come in the form of staff shortages, limited access to the right technologies, or even budgeting limitations that mean your Finance team simply cannot afford the resources they require.

When you have a lack of resources such as those listed above, this makes it very difficult for your Finance team to reach their full potential as they’ll have a general lack of engagement from performing tedious tasks for longer hours. This, in turn, can prevent your business from growing to its full potential.

Finance Team Problem No. 6: Understanding when and if your business is investor ready

For many business leaders, their overarching goal is to one day bring investors on board so they can expand their operations and possibly even take a step back in their role when the time is right. The problem, however, is that many Finance teams simply don’t understand how to prepare a business to be investor-ready, much less know when they’ve reached the stage where they can start to seek investor interest.

In a recent article, we listed 6 great tips to help you and your Finance team get your business ready for investment [LINK TO MARCH BLOG]. This is a great place to start when looking to address this problem. So, how can you solve these 6 common challenges and set your Finance team up for success? Easy. By adopting a managed finance team with Dexterous. Our Finance Department as a Service addresses all of the limitations and challenges faced by an internal Finance team.

Dexterous has everything you need to solve these problems and many more

If your Finance team or the systems they use are struggling to support your business, Dexterous can provide you with a tailored solution that will help to boost your business and achieve your goals. At Dexterous, we offer a hybrid approach that combines a global workforce with digital technology. Our team serves as your finance department working internally for your business.

We take care of your business’ financial function, so you can be more agile and capable of scaling throughout a recession and beyond. The beauty of the Dexterous model is that it’s entirely flexible to help meet your unique business needs and eliminate the challenges that a Finance team will typically face. Learn more about how we can help to solve your problems and increase productivity with our Finance Department as a Service solution here. Want a reliable finance department to help you deal with any business challenges?

At Dexterous, we go far beyond virtual bookkeeping and external accounting services. We provide a turnkey managed finance solution that works for you through a financial, operating and growth lens. This means that we leverage all the latest business tools including Robotic Process Automation (RPA), access global talent and manage your finance department with the local expertise of our Sydney team. 

We also equip you with a strategic approach and cost-effective function not just to address the challenges of recession today, but to help you thrive and achieve more growth in the future. Reach out to Dexterous and transform your finance department today. For more information, get in touch with us today or connect with us via LinkedIn.